Our next-generation ECM solutions for Insurance
The insurance industry is experiencing numerous business challenges that are putting new pressures on their efforts to remain competitive. Low interest rates are impacting investment income and they’ve suffered recent losses from catastrophic storms. Sales models have migrated from a
captive sales force to independent agents and brokers/dealers for wider market distribution and penetration. Some insurance companies are burdened with inefficient and costly operations. Insurance content is typically scattered throughout the enterprise in multiple applications and formats, which impedes immediate access and control and adds operational costs. Increasing regulatory pressures and proactive regulators are raising the stakes and costs of maintaining compliance. Insurance company processes are often manual and linear, and require employees, partners and customers to follow time-consuming steps and procedures. Legacy technology doesn’t support opening up new channels of distribution
using the Internet, company intranet, direct response and other alternatives. Customers are demanding improved services and experiences, forcing legacy modernization and a renewed focus on service differentiation.
Key business requirements
Insurance has become a commodity and insurance companies need to differentiate products and services via technological innovation to profitably garner market share. Insurance companies must step up to the plate and deliver customers what they need while becoming a more efficient business entity. Simply put, they need to bring together the power of content and their business processes to seize new opportunities for success, optimizing content-centric processes like multi-channel document management, claims underwriting and management, and others. Business processes must enable real-time, right-time access to information for customers, agents and employees. New industry demands are requiring insurance companies to:
- Streamline and automate business processes while also gaining control of content as a way to maximize employee productivity.
- Look for technology partners that help them provide solid ROI and the ability to increase profitability.
- Create a more customer-responsive orientation to help them attract and serve a wider range of customers, agents and brokers.
- Develop a customer-centric business model to address evolving distribution challenges and interaction with existing and new customers.
- Contain costs and focus on creating efficiencies and business process improvements.
- Leverage compliance efforts to reduce costs and create competitive advantage.
- Improve profitability and service levels simultaneously.
How our next-generation ECM solutions can help
With an integrated ECM solution, insurance companies can integrate content, business processes and applications with existing systems. Our next-generation ECM solutions help insurance companies:
- Transform and streamline processes through BPM and automate complex core business processes such as underwriting, policyholder
servicing, claims processing and policy issuance.
- Efficiently and effectively use and share content to drive business processes in making business decisions throughout the insurance company.
- Achieve compliance with regulatory mandates including HIPAA, the Gramm-Leach-Bliley Act (GLBA), the USA Patriot Act, California State Law SB 1386 and other similar legislation around the world for securing and managing customer information.
- Provide visibility of content and processes to support compliance efforts such as the Sarbanes-Oxley Act of 2002 (SOX).
- Support new product initiatives to take advantage of emerging market opportunities.
- Maximize the value and use within the organization of legacy information through connectivity to existing systems.
Please also see our Next-Generation ECM solutions.